Deutsche Bank AG lowered its position in Banc of California, Inc. (NYSE:BANC) by 2.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 31,866 shares of the bank’s stock after selling 840 shares during the period. Deutsche Bank AG’s holdings in Banc of California were worth $590,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Amalgamated Bank acquired a new position in Banc of California in the second quarter worth approximately $375,000. EJF Capital LLC bought a new position in Banc of California in the second quarter worth $5,280,000. Charles Schwab Investment Management Inc. lifted its position in Banc of California by 1.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 308,644 shares of the bank’s stock worth $5,414,000 after purchasing an additional 4,997 shares during the period. Vanguard Group Inc. lifted its position in Banc of California by 2.8% in the second quarter. Vanguard Group Inc. now owns 3,061,290 shares of the bank’s stock worth $53,695,000 after purchasing an additional 84,103 shares during the period. Finally, Millennium Management LLC lifted its position in Banc of California by 172.2% in the second quarter. Millennium Management LLC now owns 99,402 shares of the bank’s stock worth $1,744,000 after purchasing an additional 62,886 shares during the period. Hedge funds and other institutional investors own 84.77% of the company’s stock.
A number of research analysts have issued reports on BANC shares. Zacks Investment Research raised Banc of California from a “sell” rating to a “hold” rating in a report on Thursday. Raymond James raised their target price on Banc of California from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $22.08.
NYSE:BANC opened at $19.22 on Friday. The stock has a market capitalization of $1.20 billion, a PE ratio of 15.25 and a beta of 1.61. The business’s 50-day simple moving average is $20.23 and its 200-day simple moving average is $19.21. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.94 and a quick ratio of 0.94. Banc of California, Inc. has a fifty-two week low of $15.40 and a fifty-two week high of $22.09.
Banc of California (NYSE:BANC) last released its earnings results on Tuesday, January 25th. The bank reported $0.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.21). The firm had revenue of $73.04 million during the quarter, compared to the consensus estimate of $80.43 million. Banc of California had a net margin of 25.70% and a return on equity of 11.04%. The company’s revenue was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.35 EPS. On average, research analysts expect that Banc of California, Inc. will post 1.32 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, January 3rd. Shareholders of record on Wednesday, December 15th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend was Tuesday, December 14th. Banc of California’s payout ratio is 19.05%.
In related news, CEO Jared M. Wolff acquired 5,015 shares of the company’s stock in a transaction dated Thursday, January 27th. The shares were bought at an average price of $19.70 per share, for a total transaction of $98,795.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 9.94% of the company’s stock.
Banc of California Profile
Banc of California, Inc is a holding company, which engages in the provision of commercial banking services. It offers personal banking, business and commercial banking, real estate banking, and private banking. The company was founded in March 2002 and is headquartered in Santa Ana, CA.
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